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Azerbaijan Opens Another High Tech Park

Azerbaijan will soon start the construction of yet another High Technologies Park, this time in the country's fourth large city - Mingachevir.

As Azerbaijan is looking to diversify its economy and move away from its dependence on the oil industry officials have pushed for more developments in the technology sector, especially since it has proven to be so promising.

The Mingachevir park was set up in view of securing sustainable development and economic competitiveness. The expansion of innovative and high-tech industries based on modern scientific and technological achievements, as well as research and development of modern complex for the development of new technologies will enable Azerbaijan to make its mark in the region and promote growth.

The facility will stretch across 1.3 hectare and fall under the administration of the Communication and High Technologies Ministry.

The high-tech park has been equipped and organized in such a way that it will promote research and development work, ultimately leading to the commercialization of new products and high tech applications.

An initial investment of 2 million manats was allocated to the project from the Azerbaijani President's Reserve Fund.

This facility will also be equipped with all the necessary infrastructure, logistics and governing entities, thus enabling engineers to conduct research in ICT, telecommunications and space use, energy efficiency, and the development of new and high technologies.

Moreover, residents and companies operating in the park will be exempt from VAT (18 percent) on all imported infrastructural and technological goods and services.

Along with the development of high tech parks, Azerbaijan has worked to develop its Industrial Park in Sumgayit, Azerbaijan's industrial city.

Source: AzerNews

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